Government tax takes at record high with France in top spot - OECD

Tax Burden in France Now Highest in the World OECD                 

     

     PHILIPPE WOJAZER

The Organisation for Economic Cooperation and Development (OECD) said on Wednesday overall government tax revenue on average reached 34.2 percent of gross domestic product (GDP) a year ago among 34 developed countries for which the Paris-based body compiled data.

The OECD figures reveal that tax revenues in Greece increased by 8.2 percentage points of gross domestic product in the decade from 2007 to 2017, and even if one focuses only on the 2010-17 bailout program period there is a hike from 32 percent to 39.4 percent of GDP. Korea stood ninth in terms of taxes on property, with the tax-to-GDP ratio at 3.1 percent, higher than the OECD average of 1.9 percent.

With an overall tax revenue of 46.2 percent of GDP, France moves above Denmark, which has a corresponding figure of 46.0 percent of GDP - down from 46.2 percent the previous year.

High taxes in France have been the source of discontent and unrest among residents.

Despite Trump's tariffs, USA trade deficit at 10-year high
Growth in imports for November slowed sharply to 3.0 percent from a 21.4 jump in October, and far missed analysts' forecast of 14.5 percent.

The tax-to-GDP ratio rose in 19 of the 34 OECD countries that provided data for 2017, and the OECD average is higher than ever. The "yellow jacket" protest started as a peaceful opposition to President Emanuel Macron's plan to increase taxes on gas and diesel fuel by 2.9 cents and 6.5 cents a liter, respectively, which opponents said would disproportionately affect people already disadvantaged by low wages and unemployment.

Mexico had the lowest overall tax burden at 16.2 percent, the OECD said.

Taxes in Korea were found to be relatively less burdensome past year compared to other OECD countries.

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